The Bank of New York Mellon Corporation $BK Shares Sold by Ascent Group LLC

Key Points

• Ascent Group LLC cut its holdings in The Bank of New York Mellon Corporation by 43.6%, selling 10,233 shares and leaving it with 13,244 shares worth $1,207,000.
• Bank of New York Mellon reported earnings of $1.94 per share for the last quarter, surpassing estimates of $1.73 and showing a 9.4% revenue increase year-over-year.
• The bank recently declared a quarterly dividend of $0.53 per share, increasing from the previous dividend of $0.47, resulting in an annualized yield of 2.0%.

Ascent Group LLC cut its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 43.6% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 13,244 shares of the bank's stock after selling 10,233 shares during the period. Ascent Group LLC's holdings in Bank of New York Mellon were worth $1,207,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Alpine Bank Wealth Management acquired a new stake in Bank of New York Mellon during the first quarter worth about $25,000. Opal Wealth Advisors LLC purchased a new stake in Bank of New York Mellon in the 1st quarter worth approximately $25,000. Hoey Investments Inc. acquired a new stake in shares of Bank of New York Mellon during the 2nd quarter worth approximately $32,000. Orion Capital Management LLC purchased a new position in shares of Bank of New York Mellon during the 1st quarter valued at approximately $32,000. Finally, Cornerstone Planning Group LLC lifted its stake in shares of Bank of New York Mellon by 100.0% in the 1st quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank's stock valued at $30,000 after purchasing an additional 196 shares during the period. 85.31% of the stock is owned by institutional investors and hedge funds.

Bank of New York Mellon Price Performance

NYSE:BK opened at $106.48 on Monday. The firm has a market cap of $75.09 billion, a P/E ratio of 16.26, a price-to-earnings-growth ratio of 1.01 and a beta of 1.13. The stock has a 50 day moving average of $104.60 and a two-hundred day moving average of $93.05. The Bank of New York Mellon Corporation has a 12 month low of $70.46 and a 12 month high of $110.87. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.86.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.73 by $0.21. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%.The firm had revenue of $4.77 billion for the quarter, compared to analyst estimates of $4.80 billion. During the same period in the previous year, the company posted $1.51 earnings per share. The business's revenue was up 9.4% on a year-over-year basis. On average, analysts expect that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were given a dividend of $0.53 per share. The ex-dividend date was Friday, July 25th. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. This represents a $2.12 dividend on an annualized basis and a yield of 2.0%. Bank of New York Mellon's dividend payout ratio (DPR) is presently 32.37%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on BK shares. Citigroup lifted their price objective on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the company a "neutral" rating in a report on Friday, September 5th. Keefe, Bruyette & Woods lifted their price target on Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a research note on Wednesday, July 16th. BMO Capital Markets began coverage on Bank of New York Mellon in a research report on Friday. They set an "outperform" rating and a $125.00 price target on the stock. Wells Fargo & Company boosted their price objective on Bank of New York Mellon from $96.00 to $100.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 16th. Finally, Truist Financial increased their target price on Bank of New York Mellon from $109.00 to $118.00 and gave the company a "hold" rating in a research report on Thursday. Ten analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, Bank of New York Mellon has a consensus rating of "Moderate Buy" and an average target price of $103.46.

Insider Transactions at Bank of New York Mellon

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total value of $1,969,000.00. Following the completion of the sale, the executive vice president owned 35,115 shares in the company, valued at approximately $3,457,071.75. This represents a 36.29% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.14% of the company's stock.

Bank of New York Mellon Company Profile

The Bank of New York Mellon Corporation provides a range of financial products and services in the United States and internationally. The company operates through Securities Services, Market and Wealth Services, Investment and Wealth Management, and other segments. The Securities Services segment offers custody, trust and depositary, accounting, exchange-traded funds, middle-office solutions, transfer agency, services for private equity and real estate funds, foreign exchange, securities lending, liquidity/lending services, and data analytics.

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